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A-32 - Act respecting insurance

Section 54
Disposition versions

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54. The company may, by by-law, determine the minimum and maximum number of directors. In no case, however, may the minimum number of directors be less than seven.
The by-law must be approved by the vote of not less than two-thirds in value of the shares represented by the shareholders present at a special meeting.
A majority of directors must be resident in Québec.
1974, c. 70, s. 54; 1984, c. 22, s. 23; 2002, c. 70, s. 33.
54. The company may, by by-law, determine the minimum and maximum number of directors. In no case, however, may the minimum number of directors be less than seven.
The by-law must be approved by the vote of not less than two-thirds in value of the shares represented by the shareholders present at a special meeting.
Three-quarters of the directors must be Canadian citizens and the majority of them must reside in Québec.
1974, c. 70, s. 54; 1984, c. 22, s. 23.
54. An insurance company shall have not less than seven nor more than twenty-one directors.
Three-quarters of the directors must be Canadian citizens and the majority of them must reside in Québec.
1974, c. 70, s. 54.
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